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. this is a big government tax grab that we will debate. >> speaking of taxes, guess who is not paying them? more and more federal workers are tax cheats. why shouldn't tax cheats just be fired? it's that easy on the "kudlow report." and we begin right now. first up tonight, the cyprus crisis continues. riots are forming in the streets. cnn's own chief international correspondent michelle caruso-cabrera is with us tonight. >> cyprus is going to do something that's called "resolving a bank." like all tough things in life, we use euphemisms. tonight the head of the central bank has asked parliament to give him permission to give him new powers of resolution authority. what he will do with that resolution authority is he will take cyprus's most troubled bank, he's going to take the good deposits in that bank and move them to another cyprus bank. the bad deposits, the bad loan, the junk that's in laiki bank will remain as a stub and those assets will be sold off over time. first, it's going to get them a lot claeser to the $5.8 billion they need to come up with. the other key point, people under 1 hu
. the cypriot government says the country's parliament is unlikely to pass legislation which would impose a tax on bank deposits. lawmakers are set to meet and vote on the levy which has been set on a condition of the eu bailout. meanwhi meanwhile, the german finance minister has rushed to the defense of a highly unpopular tax. the move was necessary to keep cyprus from sharing in the burden of a eu bailout. and uncertainty over the outcome of the vote in nicosia continues to weigh on markets. cyprus said its stock exchange will trading until thursday. cypriot banks have been placed on negative watch. carolin roth is reporting now for us. the latest we're hearing is that the vote may not happen today. what can you tell us? >> absolutely. there are a lot of moving parts still, kelly. this is a very fluid situation. the vote is scheduled to happen at 6:00 p.m. local time. there has been no official cancellation on part of the government. but, again, a government spokesperson at the same time also saying that it's very unlikely at this point that the vote will actually go through. that is, of cour
, rangery. they're if disbelief over this decision that was struck between the government and brussels leaders on saturday morning. but it's not just the people who are angry. it's also the politicians. many politicians in this 50/60 parliament in cyprus have said they would reject the bailout package because of the hugely unpop already deposit tax. press reports indicate that up to three parties could be volting against the bailout deal, which will be voted on in parliament later today. that's the debate and the vote are expected to kick off around 4:00 p.m. local time. so what the president is trying to do at the moment, he's trying to pure swede the members of parliament that this is the only solution going forward. if they vote against the bailout deal, the only alternative is bankruptcy for this country in the next couple of days. but it's going to be very, very crucial for the president to strong arm the other members of parliament into a positive decision on the bailout deal because at this point in time, he does not have a clear majority in parliament. he only has 20 seats. and
. take 20% of their dough. hard to say. this much is not. it is going to happen. because the government needs the dough. if they still want to get european union dough. it gets weird and complicated. desperate to stay in the euro club. does this ring a bell? it should. no one is taxing the bank holdings, thanks to obamacare, they are going after the other assets. 3.7% on investment sales larger than 100,000 grand. the next time you try to sell your house, trust me. you will hit the roof. think about that. tax not on your income, earned or unearned but your assets. what you have, what you own. your tangible assets. home here, bank account there. is there difference? no. no difference between american government taxing you for medical devices and what it deems as a medical insurance plan. taxing you not on what you make but what you have. the stuff you attain through life of work no, matter when you work or how much you made when you work. stuff you got now. to government, it sees that you have it now and it wants it now and wants you to pay up now. feel for the cri produce citizens who c
in cyprus in the government are trying to work it so the rich have to pay more, so it's, you know, maybe maybe then the percentage will go down on those under 100,000 and up on those who have more than 100,000 in the bank. what kind of precedence does it set for those with the rights to their own money. lou dobbs from the fox business network. >> it's not like that taxpayers voted for it. they're stealing it, taking it out of their private savings accounts. >> that's right. and makes everybody glad they're in america. because this is a country, what is happening here, is that they're being run over by their corrupt banks, they're being run over by their corrupt government and they're be run over by an exceedingly authortainer european union that was supposed to be the reverse of this. they were supposed to bring all of those nations together, the euro zone, the european union and everybody lives happily ever after. they're behaving in this crisis in such an authortainer manner that it is disgusting. and by the way, the euro itself may be challenged in this. i want to say quickly one thin
at this in a small section of society. what is the south korean government going to do about it? >> reporter: yeah, i think you're right. south korea is one of the most connected countries in the world. north korea one of the least connected at presence very minimal on the internet, but the upper echelons even have access to the internet. but they have illustrated they have put a lot of effort, training, resources into getting the best and brightest in north korea trained up on cyber warfare tactics. they're very prevalent on the inside in attacking particularly south korean institutions, they've done it on a number of occasions. south korea has been trying to address that. they've got their own training college to sort of sort of train cyber warriors. they also have a special committee they formed just today to tackle this crisis whether they're going to identify the threat they say and implement the kind of countermeasures they say they need to prevent this from ever happening again. >> matthew chance, thank you so much from seoul, south korea. >>> well, tensions rising over the civil war in syria.
rogue nations. the government of cyprus is scared to death of insulting vladimir putin. we'll have an expert who will play this scenario out for us. "the kudlow report" begins right now. >>> first up, let's get the latest on the cyprus report. michelle joins us by phone. >> good evening. the details are changing, but the one core fact important to investors is true. for the first time ever in the european crisis, portions of bank accounts will be seized in order to pay for a bailout. cyprus agreed to this to get a 10 billion euro loan to bail out their banks. what is still unclear and controversial is whether insured deposits will also be seized. original plan was if you had an account in cyprus with less than 100,000 euros, would you have to pay a tax even though it falls below the insurance threshold. even though in theory it was supposed to be 100% guaranteed by the state. that turned out to be so controversial they are second-guessing themselves and reconsidering. a few hours ago the minister put out a statement saying they thought the smaller depositors should be protected. th
and will reveal his plans for future public service to us in just a few moments. >>> and government payroll has dropped 37,000 since the recession bottom, but private jobs have rocked 5.2 million higher. as i've said many times, lower spending and limited government, including government jobs, is good for the private economy. that is the real engine of the economic prosperity. >>> plus the supreme court this week will hear two important cases concerning same sex marriage. shouldn't the black robe masters leave the important social decisions to the states and their democratically elected legislatures or referenda? let the people decide. "the kudlow report" begins right now. >>> first up, in recent weeks, he's become a conservative super hero icon. that following his triumphant speeches at the national prayer service and the cpac political conference. dr. ben carson has a message to roll back obama care, deal with the crushing national debt, and even a bib llically based call r a flat tax. that's what i love. is he the conservative that can save the gop? here is the aforementioned dr. ben carson.
. the government has three days left now to raise the almost $6 billion euros to needed to secure an incident ur national bailout. carolin roth is in the cypriot capital. carolin, it looks like there's not going to be this parliamentary session at this point. when can we expect the cypriots to put forward their latest plan? how are they going to come up with 30% of gdp? >> that's a very good question, kelly. first of all, it has been delayed by more than an hour now. we're hearing it could be delayed by another half hour, one hour. one of the lawmakers was walking into the parliament told me things are looking very, very bad at this point. they're going to be debating and voting on the three bills. the first one is the most contentious one. it's the banking bill. they're talking about winding down cyprus's second biggest banks which is going to be split into a good bank and a bad bank. the second bill is going to be on the called solidarity fund. among other things, this includes the nationalization of pension funds. the third one is a bill on capital controls which would be implemented once thi
that the government bonds won't be touched. so at the end of the day, it's completely different in respect of what's happening. >> the keeping is whether the read through -- what the principles -- when draghi said we'll do whatever it takes, they will do whatever it takes, including rewriting the rules, ignoring democracy, whatever it is, we will do whatever it takes. >> we started at the beginning of the crisis, no? whenever you need something, you do it. and despite it being difficult or anti-economical or not really democratic, it's going to be taken to try to save what is -- what looks to be good for the country. >> plenty more to come from you. meanwhile, let's just remind you what's happening in the asian session. they were trading on the way up to this cypriot deal. li sixuan has more for us out of singapore. >> thank you, ross. nice to see you. the cypress deal in brussels spelled relief for most asian bourses with the japanese market leading the charts. and the nikkei 225 rebounded 1.7% after the 2.4% drop last friday. financials made a comeback with exposure in europe. also got a boost w
the budget because the only way you really can make an impact on government is by understanding the budget. and for this president to be in office for five years, not be able to get a budget done on time, really tells us that he has no interest in our economy, he has no real interest in straightening out our budget problems. i don't know what his priorities are, but they certainly aren't straightening out the tremendous debt that we've accumulated under his presidency. >> greta: and the senate should note that other presidents should know that other presidents have been late, but this is the first time the president didn't get the budget before the house and senate and we waited and supposed to get it early april, but maybe. mayor, listen to this the national debt we all owe stands at more than 16 trillion dollars, so are president obama and speaker of the house, john boehner, both in denial or are they drinking the same stuff? >> i think it's important to recognize is that we've already cut 2.5, 2.7 trillion dollars out of the deficit. if the sequester stays in you've got over 3 1/2 trill
. his government has been blamed for a lot. the country has become a bit of a tax haven for rich russians. some banks, we are told now, will reopen on tuesday, but restrictions will be in place. there was real fear there will be a run on those banks when they do reopen and in fact, we have just learned that the two biggest and most troubled banks will not reopen tomorrow. we're told now they won't open again until thursday. what is the u.s. take away from all this, megyn? >> europe, the ally, and trading partner for the united states, certainly, is intact. that's a good thing. but according to experts, the credibility of the euro shall the credibility of the european union has been damaged by all of this back and forth for the past couple of days. as you noted, a very dangerous precedent has been set, that is dipping into private bank accounts to pay for the government, and maybe that's why we see the markets both here and in the states go down today. >> megyn: greg palkot, thank you. it's not often that the economy in cyprus makes global headlines, but experts say the latest and
a high public opinion approval rating in israel will make the prime minister and the israely government more carol abo-- mor about standing up to him. >> i want to continue this idea that they will not be able to discuss anything. am i dreaming, aren't they going to talk about the iran threat and syria and the massive problems there and egypt. the region in some sense is unraveling, dan, president obama knows that. prime minister netanyahu knows that. cou so, can they get manage out of this? >> there's a lot to talk b but a lot of it is relationship repair. the first term the president, to borrow his phrase, he pursued a strategy in the middle east in which he wanted distance. he said that his u.s. relationship was perceived to close to the prime minister of israel. and so they needed to create space. here he is four years later, nothing to show for it, there's trust issues between the president and the palestinian leaders, so he is trying something different. coming to israel. bear hugging them and sending a message that they are close. as it relates to specifics, absolutely they will
-- what caused concerns across europe and across the world. and i think the cypriot government understands that and i think the international community also needs to understand that in the way it's intervening in cypress. we should not let what is clearly a very big problem for cypress become a big problem for europe. >> ross, it doesn't necessarily seem his counterparts are doing anything to resolve this issue right now. but also, it didn't exactly look like westminster there. it looks like he was standing on the back porch or something. >> i can't actually see. i don't know which shot you can see. but, yes, big ben should be behind me somewhere. >> i meant behind george osborne. >> sorry. where i interviewed george was in the media center which is just down the road from the house of parliament. that's why. i didn't know if you were talking about my shoulder or that with george. that's where the journalists go and have breakfast. >> did he, ross, during that brief interview that you had with him or afterwards, express there needs to be more of a sense of urgency as far as britain is conc
, a new report for the government. and absolutely slams freddy mack. why? >> troubling reports concerning freddie mac, inspector general of the federal housing finance agency, saying they aren't doing such a good job of working out complaints from homeowners. they found that freddie's eight biggest servicers resolved more than 25,000 complaints. that sounds great, but they failed to take care of more than 20% of them in the required 30-day window. that's even after they moved the case up the chain of command. a huge problem, when it comes to serious complaints like servicing fraud and improper foreclosures, what it means, people could potentially lose their homes while these services are twiddling their thumbs on cases. the report it found that four of freddie servicers never reported any cases in this period, even though they handled more than 20,000 of them, so this watchdog agency put out recommendations. we'll see if those recommendations go anywhere. carol. >> alison kosik live from the new york stock exchange. >>> a little politics/entertainment. a fresh dose of sarah palin when she
's a holiday here on monday. that would give the government five more days to either get money out of russia or come up with some other way to solve the math here. remember when the end game is. this country asked for 17 billion euros from other european countries and they said we're not going to give you that much. we'll only give you 10 billion euros. we'll help you out with recapitalizing the banks but you guys have to come up with nearly 6 billion on your own and really the only place to get it is in deposits. we saw the parliament reject that last night. here's the one piece of insight that i can give you since being on the ground here. overseas everyone was aghast that would try to tax insured deposits. the vast majority of the cypriots we talk to are aghast at the concept of taxing any deposits even the wealthy. they see it as an attack on the business model of the country. and they don't want that to happen. where do you come up with the money is the question? guys, back to you. >> so many different angles as we go on. they'll take an american credit card. you're using credit cards a
. what i'm saying is from a government perspective in russia, addressing this in a broader issue and not just capital flight, do russians want 120 going out and 130 going back in. it underlines the fact that putin doesn't control a lot of money going out of the country. >> that's a good thing. it's a capitalist society. the situation between russia and cyprus is partly rich russians using cyprus. that's one thing to say. the second thing is the way russian companies are structured is the legacy of the fact that 10 or 15 years ago russians wanted to do business with the world but their own structures were so underdeveloped because they were so young because they had to use russia and they had to use cyprus. it isn't sustainable in the medium term. more and more of the market is coming back offshore. a major initiative to make moscow an international financial center. apart from that, you have to look at the diplomacy of this. it looks as if the deposit grab is being deliberately designed in order to tax russian companies and relatively wealthy russians. about a third of the deposi
their taxes as well. we're talking about the thousands of government federal employees dodging the i.r.s. should they be fired? we've got an update on that this morning. >>brian: you think a woman's cheating husband would get the message. after she uses a billboard for revenge. but the best part is how she paid for it. look at that. "fox & friends" starts right gnaw. >>steve: welcome to march madness live here on the "fox & friends" set. >>alisyn: good to be with you all. >>steve: the president is out of the country, 50-hour sprint in israel. we have a situation where a lot of you are saying it is so cold here, i can't wait for vacation. we have a great segment in about 20 minutes. we have the founders and c.e.o. of 14 sandals, three beaches. wouldn't they like to see alisoe just as a token. we might have a beaches bureau. >>alisyn: let's do it. i volunteer. let's talk about the middle east. the president is making his first trip to israel since becoming president and there's a lot of tension, including this attack with rockets fired across the border. >>steve: indeed. somewhere in g
what the government vertical did. clearly, we had the sequester late in the quarter. that could have had impact on numbers. it's about 10% of revenue. we'll be looking for some color there. hardware revenue has been disappointing. i think seven our the eight last quarters. that certainly weighed on total revenue. we're projecting growth to get to positive levels in q1. we'll certainly want to get an update there. and the license revenue is a bit of a miss as well. so we'll be looking for more color on the government side. >> go ahead, jon. >> something i do want to mention on epps, it's technically a 1 cent miss, avenue cents when the street was looking for 66 in non-gaap. through there is a currency impact. oracle saying that constant currency, it would have been 66 cents. but, again, many analysts have factored some currency in to their 66 cent estimate. so i'm not sure how much of that matters. >> well, i think that's a good point, jon. but i guess what ai'm focused o is revenue. >> yeah, particularly new license and hardware. >> right. >> particularly new license and hardware. i
that was filled with explosives in his room. bill: washington getting ready for a possible government shutdown about a week from now? will that happen? the obama administration warning lawmakers it might have to cancel the annual easter egg roll on the first of april. that event happens every year. expected to draw ten of thousands to the white house set for april 1st, just a few days after the could run out of money. white house is saying finally by using these tickets guests are acknowledging this is subject to cancellation due to funding uncertainty surrounding the executive office of the president and other federal agencies. if canceled the event will not be scheduled. we'll notify you if there are any modifications of the event. that bass part of the fine print given to members of congress when the invites went out. invites to bob beckel, former campaign manager co-host of "the five." brad blakeman, deputy campaign manager of president george w. bush. good morning to you. who wants to be peter cottontail here? brad, do you want to raise for your hand for that or is that better suted for b
the deadline for cyprus. one spokesman for the cypriot government saying the next few hours will determine the future of his country. a couple of consumer reads, popping pre-market on quarterly result the company had in january and nike ends an eight-quarter streak delivering a quarter and the top expectations and shares soaring this morning. for all of you who have been waiting for the z10. the day has come. blackberry available in stores and we'll check in on a store to see how demand is shaping up. >> indexes looking to bounce back after posting their biggest losses in three weeks. wall street keeping a close eye on cyprus where officials are working on another plan to secure the bailout. thises as the mediterranean nation is facing an ultimatum by the central bank. face losing emergency funds for cyprus' banks. this morning the cypriot government spokesman said the next few hours will determine the future of the country. cyprus' finance minister has returned from russia after two days of unsuccessful talks there to reach some sort of funding deal. so that story goes on and it will play
kids say i want to be a doctor. all of it is all of the government involvement that thee they feel. >> clayton: insurance exchanges we have been hearing so much about. these need to be in place. they are not yet set up. obama care rolling out over the last few years. not all of its arms have yet taken hold. insurance exexchange a key component of the affordable care act which would basically give you the idea, you know, eligible folks could then get government subsidies in return for some of these services. henry chow has come out this week basically saying all of these set up, all of the web site stuff that we were working on to build this thing has not come together yet. he says the time for debating about the size of the text on the screen or the color or is any world class user experience, that's what we used to talk about when we were talking about this. he says two years ago. now let's just make sure it's not a third world experience. >> so basically they are saying let's do better than sim back zimbabwe. is that the experience we are trying to exceed? >> clayton: this is wha
assertions by the highest officials in the government. without looking for the hard evidence to support it. >> more concern about the politics of my decision rather than what is right and what is wrong. >> i have prayed to god many times that he would forgive me for sending his children to die in a war that never had to happen. >> was there ever any consideration of apologizing to the american people? >> i mean, apologizing would basically say the decision was a wrong decision. and i don't believe it was a wrong decision. >>> one last stop. the president this morning heading home from the mideast. today, what he said on one particular issue is making big headlines. >>> signs of the sequester. it could be coming to an airport near you. might it lead to dangerous skies? >>> up all night. they call it. the u.s. senate just finished its business a short time ago. why did they stay so late? >>> it's a bird, it's a plane, it's actually neither. but it is something that caught the eye of thousands. good morning, everyone and welcome to "weekends with alex witt." let's get to what's happening righ
into the possible use of chemical weapons in syria. president bashar al assad and his government accusing opposition of using them in aleppo. the opposition pointing its collective finger at the syrian government. as both sides continue to squabble, u.s. officials are trying to get proof that chemical weapons were used at all. pentagon correspondent barbara starr is following all these developments for us. she is joining us live. where are we right now on this, barbara? >> good morning, zoraida. u.s. intelligence community is conducting its own investigation as to what happened there and we have new details. as more pictures emerged of hospitalized syrians, cnn has learned u.s. intelligence agencies are in a massive around-the-clock effort to determine if these people were attacked by chemical weapons. so far, u.s. officials say there is no corroboration. >> so far, we have no evidence to substantiate the reports that chemical weapons were used. >> reporter: in a classified briefing to congress, intelligence officials said it's not clear what happened. but cnn has learned new details about how the c
. the eu is offering $13 billion to rescue those banks. but to get it, the government must tax individual deposits held by banks in cyprus. that's the hot button issue. that pushed some citizens to run to bank branches and withdraw as much of their money as possible before those banks were closed. >> joining us right now with insights on this developing story is former u.s. treasury secretary lawrence summers. nice to see you again. thanks for joining us. >> good to see you, maria. >> let me ask you first your read on this. i guess the ultimate question is, you know, how likely is what's happening in cyprus happening -- likely to happen in the united states? but, first, are you surprised by this? characterize how you see this situation in cyprus playing out. >> look, this was a tactical blunder alongside a strategy adrift. the things in europe have gotten better in the last six months. but europe was not out of the woods. there's still much that has to be done both in terms of reform on the financial side and in terms of assuring that there's demand there as austerity is imposed in the de
with their own sell order what's going on. housing is a big part of the economy but so is government spending. i think government spending is really being ratcheted back here. that's going to be a major focus in the month of april. we'll hear endlessly about government spending coming down. >> the note on oracle this morning, this shows incremental softness in i.t. spending environment. that's weighing on all tech names. ibm is down 1.25%. that's a huge weight on s&p 500 at this hour. a lots of them we are watching in the tech sector. s.a.p. down 2.5%. crm down 1%. it is taking everything down at this point. >> oracle was bad. can't mince words about it. >> was oracle being bad a sign of what's bad in overall tech spending or was oracle bad more of a sign of what's bad at oracle? or both? >> it is a big government provider. dell is, too. that's hurt dell. this was sloppy execution. deliver, deliver, deliver. are they losing share in the cloud? clearly. they won too many nine-figure deals. at the same time the market says i want to buy that weakness. why is lululemon up? they want to buy that wea
the relationship between the members of this troika and whether this body can continue to govern these bailouts going forward. so it includes the imf led by christine legarde, ollie rehn and the relationship between the banks. the relationships looked extremely tense last night, but on their way out, they tried to assure us that there is actually no problem. here is what christine legarde had to say about it. >> would you tell us about the future of the troika with regards to future bailout? >> the troika is doing fine. actually, there are two of us. we're doing okay. thank you very much. >> so, you know, an attempt to look friendly, that was two out of the three representatives. we didn't see mario draghi, although he was present for these deliberations. so at a time when the eurozone has an economy that's extremely weak, where we've just learned that if anything the downturn is accelerating, that the austerity measures haven't succeeded in turning this country around and that there still is no uniform way here of dealing with the failure of these banks or frankly with sovereign bailouts going
the truth. if not they should be held accountable. not for political views or governing philosophy but for making stuff up. tonight we are featuring michele bachmann. tonight she raced away from our dana bash who was trying to ask her questions about remarks michele bachmann made at the conservative political action conference over the weekend. in the statements she slammed the white house reaction during the attack that killed four americans in libya last fall. >> a war was raging in benghazi for hours and all we know is that our president went awol. [ booing ] >> while cries from american diplomats and soldiers went unanswered. >> then she shifted to government spending specifically the white house budget. >> a new book is out talking about the perks and excess of the $1.4 billion a year presidency that we are paying for. this is a lifestyle that is one of excess. now we find out that there are five chefs on air force one. there are two projectionists who operate the white house movie theater. they regularly sleep at the white house in order to be readily available in case the fi
a bill to avoid a government shutdown to fund agencies through september 30th. senators voted 63-35, in case you're wondering, to limit the debate o legislation. a final vote on the bill could come as early as today. it would be sent to the house for final approval this week. we're going to talk more about the financial issues facing the country with fix the debt. mark burtolini is the ceo and chairman of aetna. >> he said they've -- i think they've done some layoffs. the layoffs were set in place. >> will you combine the white house -- you know, those were shut down with the easter egg hunt. didn't you go on that one year? >> yeah. >> it's starting to dig. it's start to go cut. >> why are people so outraged? >> about the easter egg hunt? >> come on. >> this is one of those things you're not supposed to comment on, right? >> i love easter. >> you really do? >> but you don't have to have it paid for with taxpayer dollars. >> i love the eggs and hiding the eggs. >> it's secular. >> it's in that category. >> you know what it represents. >> it is. >> my birthday is number three, the
and that can be done in a couple of days, you reduce the government's financing demand requirement down to approximately 5 billion euros. because then all your financing are the government deficits. >> adam, thank you so much. >> my pleasure. >> becky, you highlight a really good point. what is very clear from this government and also from the people on the ground that i've spoken with is they absolutely don't want to see a reduction in the sides of the banking system here because they know that is what 50% of the economy and a ton of the jobs, as well. they realize it's going to be a change of livelihood. changes that will happen in this country no matter what are going to be startling to the people here. >> i saw all the headlines coming from russia and the president here making strong comments. is that going to fall on deaf ears in europe? is that not a big deal as far as they're concerned? >> that would be my interpretation, absolutely. would you agree with that, adam? whatever russia says is going to fall on deaf ears when it comes to the troika? >> it doesn't fall on deaf ears. bu
with netanyahu and the new government and that, that new start, i don't like the word reset. but that new relationship begins this week. >> but at the same time, tommy, when the president was asked by israeli television about his relationship with netanyahu, he described it as business-like. he didn't say my good friend, he didn't try to sugar-coat it, frankly. i think anyone who has seen the pictures of them together over the years knows it's not a cozy relationship. >> well you know -- >> it's a strategic alliance. >> right. aaron can tell you, bebe netanyahu is not a warm and fuzzy guy, i don't think he needs to be. they've got be a lot done together. they've spent more time one-on-one the president has with almost any other leader. but if you look at the record of us supporting israeli security, we're talking $3 billion a year to help them maintain a military presence in the region, hundreds more to fund an iron dome defense system to protect israelis from rockets coming out of hamas or southern lebanon. so they're in lock step on a number of key issues there have been these dust ups
. that's a big problem. government should not insure bank deposits. it's a tremendous moral hazard. one of the main reasons the banks make reckless loans. depositors don't care what the banks do with their money because the government's there. >> that's one of the guardrails to oversee these banks. >> but we don't need it. we didn't always have it. and there are other nations that don't have any deposit insurance and their banking system is much sounder than ours. >> they're asking depositors to pay for the bailout. >> no, no, no, no. there are no bailouts in those country. the countries that don't have deposit insurance have a healthier banking system. because we have this deposit insurance, american depositors don't care how reckless their banks are. the banks don't care because the depositors don't care. it's a terrible system. eventually it's going to implode. people who have money on deposit in u.s. banks are going to take huge losses one way or another. either they're going to lose their deposits, or their deposits are going to lose value because of all the inflation that's going
of the disasters of iraq was the dissolution of the state. so when bashar al assad goes, and the government believes ultimately he will, those institutions, those governing bodies will be necessary for the day after. for those people who are left holding the bag, what has become basically a sectarian war, to put back a government. it is a critical lesson and a police take we cannot ever make again. >> as we look back and relitigate the war in iraq, i think it is easy to say on its face, it was a clear mistake and we'll never do this again, how could we do this. let's not forget that. a lot of democrats voted for this war. including hillary clinton. that's what i want to ask you about it. she voted for the iraq war resolution in 2002. 2007, refused to see that vote as a police take. she has defended that since. i'm wondering if you think that is going to be a political problem for her. in 2016 if she ends up running. >> let me say a couple things. having been in the white house i realize how hard it is to govern and to make these national security decisions. it is not black and white and it
's what he's doing. he's like a federal government official. not watch what he says but what he's doing. that's why i love the guy. look at him he can't stop smiling. neither can you. you're both great. thank you so much. now folks, a busy day and night on capitol hill. the senate is busy voting on amendment after amendment in their budget bill. we got two distinguished senators about to join us give us their take and later on the show why can't police departments get any ammunition while the department of homeland security has bought up 1.6 billion rounds in the past year. there's no ammo for handdowns, shot guns, rifles, for training. what's up with this or is the dhs in a form of gun control that the congress can't legislate? folks don't forget free market capitalism is the best path to prosperity. stanford university stopped its course. we'll hammer them for it later in the show. i'm larry kudlow. please stay with us. zap technology. departure. hertz gold plus rewards also offers ereturn-- our fastest way to return your car. just note your mileage and zap ! you're outta there ! we'l
, but the key question for cypress now, given that this is a brand new government, they've only been in town for three weeks and they made an ex politicsit promise that they wouldn't hit depositors, that's going to be the key issue. can they pass it through parliament? carolin roth is the best person to speak to you about that. >> julia, thank you so much for that. everyone here in cyprus is anxiously waiting for that vote on a very controversial bailout deal. now, i should mention that at this point, the ruling party under the president does not have a clear majority in parliament to be able to push through that controversial vote because press reports are indicating that up to three parties could be voting against that bailout deal because of that deposit tax component. now, the president is currently meeting with the leaders of the political parties. of course, what he's trying to do is to strong arm and to persuade them into voting for that deal because the other alternative, yes, that is bankruptcy for this country, which has only 1 million people and only makes up 0.2% of the entire eu
the consumer. >> we're cautious. we're scared of how the government keeps putting money in people's market. the government trumped 2.4 million jobs and they didn't talk about the 1.9 million people on food stamps and snap program. so we're just very, very cautious. >> you're a new york, l.a. california guy. >> i'm not sure where this is going. >> you're not drinking the kool-aid on the big government? >> no. >> steve, thank you for being here. >> it's been a lot of fun. >> thank you. make sure you join us tomorrow. "squawk on the street" begins right now. ♪ ♪ ♪ >>> good wednesday morning. welcome to "squawk on the street." i'm melissa lee with jim kramer and scott wapner. carl quintanilla and david faber have the week off. let's take a look at how we are setting up in the united states. we are looking at a strong open higher and the dow up at 79 points and yesterday we did see signs of life and the dow surging late in the session and the dow looking to snap that three-day losing streak. as for europe, both stocks and the euro seeing some relief. we do have a bounce here, a nice one,
partitioned out the amount of money that you were supposed to be giveing to the government each though there hasn't been a vote in parliament. why did cypress need a bailout? its banks are bust. the reason the banks in sicypru they bet the greek debt would not be restructured but it was. that's left a lot of them insolvent. the banks in cyprus are huge, eight times the size of the economy. consider that here in the united states. our banking system is roughly one-time the size of our economy. what we're waiting to see next are they going to get this through parliament and get it done? it is so controversial they're trying to find out different ways to make it less controversial. impose the tax on larger shareholders to a much greater degree. it was originally 9.9% and you go to 12%. if you didn't want to tax the small guys at all you'd have to go to 15% or 16%. this is the scene when the president walked into the palace headquarters. there were people there with no written on their hand and this says merkel stole our money. keep in mind, european union will still give them 10 billion e
to advocate the cutting of government services. jared, if you were mr. penny's adviser would you by telling him the biggest threat is debt? is that economically true? >> it's not the case, though i'm not sure what i would be telling mr. penny, because i've never advised a coin before, but, no, the -- the debt is in the mid '70s, around 75%, a share of gdp. that's a lot higher than a few years ago. but there's a reason for that, because we had the great recession, and we needed to engage in some deficit spending to offset that demand contraction. historically the debt goes up in periods like this. in world war ii, it breached 100%, then a few years later it was 50%. the debt is expected to start coming down within a few years. over the long term, there are real pressures on the debt through health care costs. that's what i would tell mr. penny. >> excellent. that's very helpful. josh, the president last week was secured on the right for suggesting there was no dead crisis in american. later in the week this is what speaker boehner and paul ryan had to say. take a listen. >> is he right, that
by the government grinch? the easter bunny, a victim of sequestration? well, nothing is definitely yet, but guests have been warned. politico go this explanation from a white house official. "because we distribute tickets to the easter egg roll far in advance, we alerted all ticket holders that this event is subject to cancelation, due to funding uncertainty, including the possibility of a government shutdown. however, we are currently proceeding as planned with the easter egg roll." republicans are doubtful. newt gingrich shared his outrage on twitter. shaleless! how else can you describe the threat to cancel white house easter egg hunt? maybe ma lettic, demagoguic. you try to fin the right words." we'll try to describe it at the bottom hour. >>> voters in south carolina heading to the polls for today's primary to choose the next house representative. one of those candidates just happens to be stephen colbert's sister, her name is elizabeth colbert bush. yes, she pronounces her name differently. in a rare interview, we see the serious side of stephen colbert. he sat down with jake tapper, host of
and we are waiting for a statement now from the government in cyprus. events have been moving very, very quickly on the ground this morning. the finance minister had flown to moscow to wait it out for a negotiation on some form of the deal. but he's since flown back to cyprus this morning empty handed. all he managed to secure was the extension of an existing loan. the onus is now very much on the europeans and what they'll come up with. russian visitors were not interested into buying into the gas reserves. we are now waiting to see what they would come up with a plan to restructure the bank. but this discussion has been delayed and it feels as though this may have happened, some of the europeans, particularly the german webs they had been in this situation saying that they wanted to see out of any proposals, debt sustainability and also bank restructuring. this sustainability has been key because if the cypriots requested any form of a new loan, this would add to the debt burden that they had. the question has always been since the cypriots rejected that tax, how they plug this gap on
it likely to be shut down by who else? the federal government. frederick is one of 238 towers at small and medium airports the faa may close because of forced spending cuts. >> we are awarded the money and, you know, ten months later they say you don't need a tower here. so it's the world of mixed messages. >> reporter: in florida the government also givette and takette away, 1.8 million in stimulus money went to construct this new tower at oprah locka. $1 million for this tower in st. petersberg. now all on the chopping block. >> it looks to be -- >> this navy veteran has been clearing pilots for takeoff and landing for the past 11 years. it's all she knows. >> scary because i'm going to have to figure out something else to do for an income. it means i'm going on unemployment and that's the only income i'll have for me and my daughter. >> reporter: while airports will remain open, she says closing towers affects safety. >> there's going to be close calls, there's going to be midairs, there's going to be a runway accident. >> some pilots agree. >> tragically something is going to happe
their vision for how you should fund the government. we're still waiting on president obama to release his own budget which will have potentially a competing vision. and adam is exactly right, it's just a matter of inches going forward and the big dernifferen on whether you want to boost investments over the long term or whether it's about cutting spending, these are big questions that lawmakers are facing. i would get in a room with a handful of guys, all men, and they would try to come to table with a deal. that's not how it works in washington. >> should it be at least a starting point? >> well, i think that they usually come together when they actually really need to to prevent something disastrous from happening to the budget or the economy. this is something that will come up again with the debt ceiling fight this summer. but if you look at what the senate just passed, this is as christina said, they want to raise taxes. >> guys, let's switch to gun control here. christina, there's mention of the push for the gun control measures. a new gun control law was signed into law described as to
, it can't be a crisis because the government isn't doing anything to correct it. they always know best, don't they? let's look at a two-year chart of yields and doing everything pretty much under 2% and lower than that, but here's what's interesting. open the chart up to year to date. tell you what, if you take off the ten-year on the top of the chart and show it to a technician, he's not going to be particularly bullish on this chart and it looks like yields at least for the moment technically have topped and if you look at the boon, it's an exaggerated correction off of its levels of higher yields and indeed it is leading the ways and we've seen the spread between ten-year u.s. and ten-year european boons widen to the widest level in seven, plus years. this is not investment grade and it isn't the barclays spread and this is an etf and it's very enlightening to look at it over the last couple of weeks going back to february because it's creeping up in a way that's similar to stocks. the stocks firm up and the reach for yield is firming up especially when all of that is going on with
to your government and said, we want a new israel, different israel. don, we could talk an hour about the obstacles of peace, but nudge your side to move forward, hopefully young palestinians will nudge their side. might say the president trying a new grassroots approach here in israel. >> i want you to listen to this, john, again. he spoke of a meeting he had with palestinian youth. >> talking to them, they weren't that different from my daughters. they weren't that different from your daughters. or sons. i honestly believe that if any israeli parent sat down with those kids, they'd say, i want these kids to succeed. i want them to prosper. i want them to have opportunities. >> john king, that's all well and good, lovely words, but let's talk about actions, specifically this. iraq has fired at israel today during the president's visit. fired, in fact, from gaza, whose palestinian leaders refuse to accept israel's right to exist. despite the applause the president got, his new offensive, as you said, new approach is use offensive. a lot of israelis will say this is our reality, correc
government is permits iran to send weapons and fighters, overflight, loaded with weapons and fighters, to prop up assad in syria and that this is something that americans and the congress, that the administration, cannot understand or tolerate, and as kerry told us afterwards, it was a very spirited conversation, because he got a lot of pushback from maliki. maliki argued that assad is facing extremists in this country. so he basically, even though he's not terrible sympathetic with assad politically, assad staying in power is very important for maliki's domestic politics because he fears a takeover by the rebels would actually lead to rebellion fact. the message from kerry was pretty tough. that congress is losing patience with iraq and that maliki will not have any role in the political decisions to come once assad falls with this pll political transition being worked out with international leaders, if he continues to help iran prop up assad. >> there are reports also that the head of the syrian opposition coalition reports that he resigned this post at some point today. what do we
failures of the iraq war are still a list in progress. but chief among them is how the u.s. government has failed its veterans. we will discuss what may be the greatest cost of war when pulitzer prize winner david wood joins us, coming up next. my mother made the best toffee in the world. it's delicious. so now we've turned her toffee into a business. my goal was to take an idea and make it happen. i'm janet long and i formed my toffee company through legalzoom. i never really thought i would make money doing what i love. [ robert ] we created legalzoom to help people start their business and launch their dreams. go to legalzoom.com today and make your business dream a reality. at legalzoom.com we put the law on your side. tens of thousands of dollars in hidden fees on their 401(k)s?! go to e-trade and roll over your old 401(k)s to a new e-trade retirement account. none of them charge annual fees and all of them offer low cost investments. e-trade. less for us. more for you. thto fight chronic.er osteoarthritis pain.. to fight chronic low back pain. to take action. to take the next step. t
and these reportsmereport reports. we have israeli government officials saying they do believe chemical weapons have been used in that conflict. the united states didn't confirm that. but here's what jay carney said yesterday about the definition of red line which he really didn't give full definition to. >> substantial assistance has been and will continue to be provided to the syrian opposition. that assistance remains nonlethal. with regards to the opposition. but we are evaluating our policies and programs of assistance regularly. >> the question is, does the president make new policy while he's on israeli soil as it has to do with syria? that might be unlikely. but he needs to probably give some better definition to the red line issue when it comes to chemical weapons. what does it mean? that usually means some form of military intervention. is that a no fly zone? is that troops on the ground to secure the chemical weapons? none of that is clear from the obama administration. and they probably don't want it to be clear because they're trying to have syria's assad hear all of that as a possibility. i
, look, it's absolutely critical that whatever plan the cyprus government comes up, that it basically polices the european central bank enough that they do not cut off the vital funding that the banks in cyprus need. if that were to happen, then you would take the crisis in that country up to a new level, and i think that starts to surface again, all the sort of problems that have moved to the back of investor's minds. let's face it, cyprus isn't about cyprus. it's about whether bank runs on cyrus spread to bank runs in italy and spain. if they can contain that crisis, that can stay sort of on the back burner. i think investors need to be aware that one of the reasons the market's rally has been so powerful so far this year is because the world has seemed less risky than id dt did last year. china didn't have a hard landing. as we see some of those risks start to perhaps rise again, that might be cause for a little bit of pullback and a reduction in risk appetite. >> we will leave it there. gentleman, thank you very much. heather, guys, we'll see you soon. appreciate your time tonight
it is. local and state governments are cutting back. that's not positive. finally, there is this misquarter evidence. federal express did blow up. it's not a good number. caterpillar is down 12%, retail sales number might not translate into weak earnings. i was prepared for cat sales to be flat, maybe up a little, not down double digits. then oracle. while oracle almost always bounces back, making my chartible stock to want to buy more, i have to believe the m e macroenvironment has gotten worse than we thought. oracle is not that bad a company. you i don't want to get too negative either what could be right? while i don't expect a grand bargain in washington, i think that's off the table, it's always possible if that happens and you're short the market, betting against it or don't have enough stock, you will be left behind. you will be crushed. you short the market we get a grand bargain, one solution, second, the brinkmanship game in europe could get resolved with some solution we don't know about yet that works out. one that is viewed as much less onerous than
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